Boohoo (BOO) Share Price (2024)

Posted at 11/6/2024 13:03 by ukneonboy

Shares in Boohoo dived by more than 40%, wiping more than £1.5 Billion off its market capitalisation, after a 2020 Sunday Times report of labour rights violations at the group’s suppliers’ factories in Leicester indicated some garment workers were paid as little as £3.50 an hour, well below the legal minimum wage.

A damning independent report conducted by lawyer, Alison Levitt QC on behalf of the fast fashion retailer later found that allegations of poor working practices in the company’s supply chain – initially denied – were “substantially true”.

A legal claim on behalf of 49 investors including the California State Teachers’ Retirement System – which has investment assets totalling $332.5bn – led by lawyers at Fox Williams filed against Boohoo Group last month alleges the company made untrue or misleading statements and failed to disclose or delayed the disclosure of material information about the matter to the market, breaching its obligations under the Financial Services and Markets Act 2000.

The group are understood to be seeking £100m in damages plus legal costs and interest that could add millions of pounds more to the potential bill for Boohoo PLC.

Posted at 11/6/2024 06:29 by ukneonboy

Shares in Boohoo dived by more than 40%, wiping more than £1.5 Billion off its market capitalisation, after a 2020 Sunday Times report of labour rights violations at the group’s suppliers’ factories in Leicester indicated some garment workers were paid as little as £3.50 an hour, well below the legal minimum wage.

A damning independent report conducted by lawyer, Alison Levitt QC on behalf of the fast fashion retailer later found that allegations of poor working practices in the company’s supply chain – initially denied – were “substantially true”.

A legal claim on behalf of 49 investors including the California State Teachers’ Retirement System – which has investment assets totalling $332.5bn – led by lawyers at Fox Williams filed against Boohoo Group last month alleges the company made untrue or misleading statements and failed to disclose or delayed the disclosure of material information about the matter to the market, breaching its obligations under the Financial Services and Markets Act 2000.

The group are understood to be seeking £100m in damages plus legal costs and interest that could add millions of pounds more to the potential bill for Boohoo PLC.

Posted at 07/6/2024 13:31 by ukneonboy

A group of investors in Boohoo are seeking more than £100m in compensation from the online fashion specialist after reports in 2020 alleging its suppliers in Leicester were mistreating workers caused its share price to plummet.

Shares in Boohoo dived more than 40% over several days, wiping more than £1.5bn off its valuation, after a 2020 Sunday Times report of labour rights violations at the group’s suppliers’ factories in Leicester suggested some workers were paid as little as £3.50 an hour, well below the legal minimum wage.

A damning independent report conducted by Alison Levitt QC on behalf of the fast fashion retailer later found that allegations of poor working practices in the company’s supply chain – initially denied – were “substantially true”.

A legal claim on behalf of 49 investors including the California State Teachers’ Retirement System – which has investment assets totalling $332.5bn – led by lawyers at Fox Williams filed against Boohoo Group last month alleges the company made untrue or misleading statements and failed to disclose or delayed the disclosure of material information about the matter to the market, breaching its obligations under the Financial Services and Markets Act 2000.

The group are understood to be seeking £100m in damages as well as legal costs and interest that could add millions of pounds more to the potential bill for Boohoo.

Posted at 07/6/2024 13:28 by ukneonboy

A group of investors in Boohoo are seeking more than £100 Million in compensation from the loss making fashion retailer after reports in 2020 alleging its suppliers in Leicester were mistreating workers caused the Boohoo share price to collapse.

Shares in Boohoo dived by more than 40%, wiping more than £1.5 Billion off its market capitalisation, after a 2020 Sunday Times report of labour rights violations at the group’s suppliers’ factories in Leicester indicated some garment workers were paid as little as £3.50 an hour, well below the legal minimum wage.

A damning independent report conducted by lawyer, Alison Levitt QC on behalf of the fast fashion retailer later found that allegations of poor working practices in the company’s supply chain – initially denied – were “substantially true”.

A legal claim on behalf of 49 investors including the California State Teachers’ Retirement System – which has investment assets totalling $332.5bn – led by lawyers at Fox Williams filed against Boohoo Group last month alleges the company made untrue or misleading statements and failed to disclose or delayed the disclosure of material information about the matter to the market, breaching its obligations under the Financial Services and Markets Act 2000.

The group are understood to be seeking £100m in damages plus legal costs and interest that could add millions of pounds more to the potential bill for Boohoo PLC.

Post lockdown, the rising popularity of fashion retailers SHEIN and TEMU, means BOOHOO simply cannot compete on price.

It is also becoming increasingly clear that consumers are favouring hybrid companies such as H&M and ZARA over online only retailers like BOOHOO on account of their physical presence.

Intriguingly, changes in consumer values are also affecting BOOHOO and the rise of second-hand and pre-loved clothing retailers such as VINTED and DEPOP is gaining momentum and thus poses another massive challenge.

And of course, we cannot ignore the huge elephant in the room – the rising cost of living.

For most younger people, and particularly the targeted "20-somethings" demographic of BOOHOO PLC, funds are dwindling. Financial strain means it is increasingly difficult to splash the cash on new casual wear whilst struggling to afford the basics of housing, food and energy costs.

Ultimately, the survival of BOOHOO PLC hangs in the balance and despite the misplaced optimism of BOOHOO Chief Executive, John Lyttle, there are multiple hurdles that BOOHOO must first conquer in order to survive.

Post lockdown, the rising popularity of fashion retailers SHEIN and TEMU, means BOOHOO simply cannot compete on price.

It is also becoming increasingly clear that consumers are favouring hybrid companies such as H&M and ZARA over online only retailers like BOOHOO on account of their physical presence.

Intriguingly, changes in consumer values are also affecting BOOHOO and the rise of second-hand and pre-loved clothing retailers such as VINTED is gaining momentum and thus poses another massive challenge.

And of course, we cannot ignore the huge elephant in the room – the rising cost of living.

For most younger people, and particularly the targeted "20-somethings" demographic of BOOHOO PLC, funds are dwindling. Financial strain means it is increasingly difficult to splash the cash on new casual wear whilst struggling to afford the basics of housing, food and energy costs.

Ultimately, the survival of BOOHOO PLC hangs in the balance and despite the misplaced optimism of BOOHOO Chief Executive, John Lyttle, there are multiple hurdles that BOOHOO must first conquer in order to survive.

95.05% of all Boohoo's shareholders (including Frasers Group) have lost money or are currently losing money on their Boohoo shares.

Investors should consider whether they fully understand the financial risks associated with Boohoo PLC, and the Kamani family's involvement in the business, factoring in the high probability of them, losing YOUR money !!!

Over 5 years, Boohoo sharesholders have lost 85.41% of their capital

Over 3 years, Boohoo shareholders have lost 88.67% of their capital

Over 1 year, Boohoo shareholders have lost 12.02% of their capital

A vesting date is a specific point in time when an individual becomes entitled to receive the benefits of a particular asset or Long Term Incentive Plan, and in this instance, it specifically refers to this:

BOOHOO'S MANAGEMENT FAILINGS PROVE VERY COSTLY !!!
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Boohoo's Senior Management team, including former Chief Financial Officer Neil Catto, Chairman Mahmud Kamani, Chief Executive John Lyttle, Carol Kane and others (including Kamani's own sons), are NOT now eligible to receive £200 Million worth of shareholder funds, in performance related bonuses.

Back in 2020, Boohoo PLC angered it's major institutional shareholders when it announced plans to hand out up to £200 Million to it's main board of Directors.

Described as "unacceptable corporate greed" by many of Boohoo's institutional investors, the controversial Boohoo 2020 Long Term Incentive Scheme was based solely on share price growth, requiring the Boohoo share price to hit 491p by the vesting date in May 2024.

Boohoo's Senior Management team, including former Chief Financial Officer Neil Catto, Chairman Mahmud Kamani, Chief Executive John Lyttle, Carol Kane and others (including Kamani's own sons), are NOT now eligible to receive £200 Million worth of shareholder funds, in performance related bonuses.

Back in 2020, Boohoo PLC angered it's major institutional shareholders when it announced plans to hand out up to £200 Million to it's main board of Directors.

Described as "unacceptable corporate greed" by many of Boohoo's institutional investors, the controversial Boohoo 2020 Long Term Incentive Scheme was based solely on share price growth, requiring the Boohoo share price to hit 491p by May 2024.

Posted at 08/5/2024 09:40 by ukneonboy

In a note to clients, analysts at Deutsche Bank warned that Boohoo has become a victim of the changing fashion landscape and requires a major shake-up to stay relevant.

“Boohoo was synonymous with the rise of fast fashion in the UK,” analysts from the bank acknowledged in the research note, thanks to offering low-cost goods online at a rapid pace.

However, heightened competition from rivals including SHEIN and TEMU since the pandemic has given consumers much more choice and Boohoo has failed to respond.

Worryingly for Boohoo shareholders, since peaking at 413p during the pandemic, Boohoo shares have now fallen by 92% and should be avoided.